两项关键利润指标同时预计为正，传递出强劲的运营改善信号。但蔚来第四季度及2025财年业绩尚未正 式披露，该公司净利润情况仍然有待进一步确认。 2026.02.06 本文字数：893，阅读时长大约2分钟 作者 |第一财经 葛慧 受蔚来公司（NYSE: NIO; HKEX: 9866; SGX: NIO）单季度盈利消息影响，该公司港股开盘上涨超 5.5%。此前，蔚来美股已收盘上涨5.86%，显示出资本市场对其财务改善的积极回应。 该公司的盈利预告称，根据对未经审计合并管理账目及董事会目前可得资料所作的初步评估，预计于 2025年第四季度录得经调整经营利润（非公认会计准则）（界定为剔除股权激励费用后的经营利润）， 介乎约人民币7亿元（约1亿美元）至12亿元（约1.72亿美元），此为该公司首次录得单季度经调整经营 利润（非公认会计准则）。 此外，根据公认会计准则（GAAP）措施，该公司预计2025年第四季度营业利润将达到约2亿元人民币 （约合2900万美元）至7亿元人民币（约合1亿美元）。 在刚刚过去的2025年，蔚来公司全年交付量达到326,028辆，同比增长46.9%。蔚来公司将Q4预期调整 后的营业利润（非公认 ...

Market Overview - The Hong Kong stock market opened lower today, with the Hang Seng Index starting at 26,354.34 points, down 530.90 points, a decline of 1.97% [1] - The Hang Seng Tech Index opened at 5,275.12 points, decreasing by 131.01 points, a drop of 2.42% [2] New Listings - Three new stocks were listed today, with Muyuan Foods (HK02714) slightly opening lower but rising nearly 2%, Dazhong CNC (HK03200) opening over 10% higher, and Zhuozheng Medical (HK02677) opening over 35% higher, later peaking at over 40% [4] Company Performance - NIO Inc. (HK09866) saw its stock rise over 6% after announcing an earnings forecast, expecting adjusted operating profit of approximately 700 million to 1.2 billion yuan for Q4 2025, marking the first time the company anticipates quarterly adjusted operating profit in its 11-year history [4] Sector Performance - The technology sector experienced widespread declines, with Baidu Group falling over 4%, and Kuaishou and Alibaba both dropping over 3% [6] - Gold stocks also faced declines, with Zijin Mining falling over 5%, and semiconductor stocks weakened, with Huahong Semiconductor down over 3% [6] Market Outlook - Analysts believe the recent adjustments in the Hong Kong market are primarily technical corrections rather than a trend reversal, attributing the decline to overly optimistic market sentiment and external factors such as liquidity concerns from the U.S. Federal Reserve's chair nomination [7] - Mid-term support for the market is expected from low valuations and continued inflow of southbound capital [7] - A notable shift in capital is observed, moving from recently high-performing tech stocks to more defensive sectors like consumer and dividend stocks, which are favored for their lower valuations and stable performance [7]

Core Viewpoint - The financial market is experiencing a mixed performance with a generally loose liquidity environment, a recovery in the bond market, and a decline in convertible bond indices and individual securities [1][9]. Group 1: Domestic News - The State Administration for Market Regulation is advancing the construction of a unified national market to enhance the vitality of various business entities and promote high-quality economic development [2]. - The Ministry of Commerce reported that by 2025, China's service trade is expected to grow steadily, with a total import and export value of 80,823.1 billion yuan, reflecting a year-on-year increase of 7.4% [3]. - A new policy has been implemented in Hainan Free Trade Port, allowing residents to purchase imported goods with a zero tariff policy, with an annual exemption limit of 10,000 yuan per person [4]. Group 2: International News - The U.S. JOLTS job openings fell to 6.542 million in December, the lowest level since September 2020, indicating a weakening demand for labor in an uneven job market [5]. - The European Central Bank has maintained its deposit rate at 2% for the fifth consecutive time, emphasizing the need for structural reforms amid geopolitical uncertainties and challenges in the external environment [6]. Group 3: Commodity Market - International crude oil futures prices fell, with WTI crude down by $1.85 to $63.29 per barrel, while natural gas prices continued to rise [7]. Group 4: Financial Market Operations - On February 5, the central bank conducted a 1,185 billion yuan reverse repurchase operation with a fixed rate of 1.40%, resulting in a net liquidity injection of 645 billion yuan for the day [8]. - The liquidity environment remains loose, with the DR001 and DR007 rates declining to 1.319% and 1.482%, respectively [9]. Group 5: Bond Market Dynamics - The bond market showed signs of recovery, with the yield on the 10-year government bond falling by 0.50 basis points to 1.8080% [11]. - In the secondary market, two industrial bonds experienced significant price deviations, with "H1碧地03" rising over 20% and "H0中骏02" increasing by over 264% [13]. - The convertible bond market saw a collective decline, with major indices down by 0.84% to 0.95%, and a total trading volume of 740.66 billion yuan [17]. Group 6: Overseas Bond Market - U.S. Treasury yields fell significantly, with the 2-year yield down 10 basis points to 3.47% and the 10-year yield down 8 basis points to 4.21% [20]. - In the European bond market, most major economies saw a decline in 10-year government bond yields, with Germany's yield down 2 basis points to 2.84% [21].

两项关键利润指标同时预计为正，传递出强劲的运营改善信号。但蔚来第四季度及2025财年业绩尚未正 式披露，该公司净利润情况仍然有待进一步确认。 在刚刚过去的2025年，蔚来公司全年交付量达到326,028辆，同比增长46.9%。蔚来公司将Q4预期调整 后的营业利润（非公认会计准则）主要归因于公司在2025年第四季度销售量的持续增长，由有利的产品 组合推动的车辆利润优化，以及公司持续的全面成本削减努力及运营效率的持续提升。 得益于新款ES8持续的订单支撑，蔚来于今年1月交付了27182辆，同比增96.1%。 美股港股齐涨。 受蔚来公司（NYSE: NIO; HKEX: 9866; SGX: NIO）单季度盈利消息影响，该公司港股开盘上涨超 5.5%。此前，蔚来美股已收盘上涨5.86%，显示出资本市场对其财务改善的积极回应。 该公司的盈利预告称，根据对未经审计合并管理账目及董事会目前可得资料所作的初步评估，预计于 2025年第四季度录得经调整经营利润（非公认会计准则）（界定为剔除股权激励费用后的经营利润）， 介乎约人民币7亿元（约1亿美元）至12亿元（约1.72亿美元），此为该公司首次录得单季度经调整经营 利润（非 ...

每经AI快讯，蔚来-SW(09866.HK)涨超6%，截至发稿，涨6.07%，报38.76港元，成交额7700.5万港元。 ...

Market Overview - The Hang Seng Index is expected to hold at 26,000 points, influenced by the hawkish stance of the newly appointed Federal Reserve Chair and a rebound in the US dollar index, which has led to profit-taking in the commodity market [2] - The Chinese government is anticipated to focus on expanding domestic demand and technological self-sufficiency in the first quarter of 2026, as it marks the beginning of the 14th Five-Year Plan [2] - There is a projected GDP growth target for China in 2026 set between 4.5% and 5%, lower than the approximately 5% target for 2025, with many provinces lowering their GDP targets ahead of the Two Sessions [2] Sector Focus - Macau gaming stocks are viewed positively due to January's gambling revenue exceeding expectations, with the upcoming Spring Festival serving as a catalyst for growth [3] Corporate News - Syngenta, a subsidiary of China National Chemical Corporation, plans to raise up to $10 billion in an IPO in Hong Kong, potentially becoming one of the largest IPOs globally [5] - Lanke Technology has priced its shares at 106.89 HKD, aiming to raise 7 billion HKD [5] - Meituan is set to acquire a fresh food e-commerce business for $717 million [5] - NIO is expected to report an adjusted operating profit of over 700 million RMB for the last quarter [5] - MGM China anticipates an adjusted EBITDAR increase of nearly 11% by 2025 [5] Macro Focus - The US Federal Reserve maintained interest rates in January, indicating a positive outlook on economic activity, while suggesting a cautious approach to future rate adjustments based on economic data [6] - The European Central Bank and the Bank of England both kept interest rates unchanged, aligning with market expectations [6] - China's logistics industry maintained an expansionary stance with a logistics prosperity index of 51.2 in January [8] - The Chinese commodity price index rose by 6.3% month-on-month in January, marking a three-and-a-half-year high [8] Industry Insights - The Chinese photovoltaic industry is expected to see a significant decline in new installed capacity in 2026, with estimates ranging from 180 to 240 GW, a decrease of 23.8% to 42.9% from the previous year's record [8] - China's gold consumption is projected to decline to 950.1 tons in 2025, a year-on-year decrease of 3.57%, while production is expected to increase by over 1% [8] - The Chinese market is experiencing a significant shortage of memory chips, prompting major PC manufacturers like HP and Dell to consider sourcing from Chinese manufacturers [9]

Group 1 - The new consumption concept stocks in the Hong Kong market are showing localized strength, with notable gains in specific companies [1] - "Hushang Auntie" (02589.HK) has increased by over 4%, indicating positive market sentiment [1] - Other companies such as NIO-SW (09866.HK), Weilong (09985.HK), Cha Bai Dao (02555.HK), and Gu Ming (01364.HK) have also experienced upward movement in their stock prices [1]

港股 新能源车企股涨跌互现，蔚来-SW(09866.HK)涨超5%，理想汽车(02015.HK)、零跑汽车(09863.HK) 跟涨；小鹏汽车(09868.HK)、小米集团(01810.HK)均跌超1%。 ...

港股新能源车企股涨跌互现，蔚来-SW(09866.HK)涨超5%，理想汽车(02015.HK)、零跑汽车(09863.HK) 跟涨；小鹏汽车(09868.HK)、小米集团(01810.HK)均跌超1%。 本文源自：金融界AI电报 ...

Core Viewpoint - The new consumption concept stocks in the Hong Kong market are showing localized strength, with several companies experiencing notable gains [1] Group 1: Stock Performance - "沪上阿姨" (Hushang Auntie, 02589.HK) has risen over 4% [1] - Other stocks such as "蔚来-SW" (NIO, 09866.HK), "卫龙" (Weilong, 09985.HK), "茶百道" (Chabaidao, 02555.HK), and "古茗" (Guming, 01364.HK) are also seeing upward movement [1]